Simply combine warm water, cornstarch, and borax together in one bowl, and in a separate bowl mix together white glue and food coloring. Pour the first mixture into the bowl of colored glue and mix well until everything starts sticking together.
Once everything is clumping together, remove the concoction from the bowl and begin rolling the ball between the palm of your hands. Once the ball has lost its stickiness, you can begin bouncing your DIY bouncy ball around.
Click on image to enlarge.